- CFTC Commissioner Summer Mersinger spoke at the North American Blockchain Summit.
- Mersinger also said that the CFTC has to seek a court ruling for entity categorization.
At the North American Blockchain Summit on November 21st, CFTC Commissioner Summer Mersinger spoke about the need for notice and comment regulation in creating uniform US regulations around cryptocurrency.
As the new allegations against Uniswap Labs demonstrate, the current “regulation by enforcement” policy is a joint effort by the SEC and the United States Commodity Futures Trading Commission (CFTC), which was in place under the previous administration.
Mersinger also said that the CFTC has to seek a court ruling for entity categorization. Due to recent action against a decentralized autonomous organization (DAO). Here, the CFTC was hoping to determine whether the DAO was a business or an organization.
According to Mersinger, Uniswap’s efforts to do the right thing were met with increased costs. However, Uniswap did agree to pay a “very small fine” to the CFTC.
Backing CFTC as Ideal Regulator
According to Mersinger, the CFTC is the “ideal regulator for the cryptocurrency spot market” since it can enact significant legislative changes relatively rapidly without causing market disruptions, even though it is relatively tiny in comparison to other agencies like the SEC.
Even while she was generally conservative, she did support the passage of new legislation and regulations pertaining to cryptocurrency companies.
Additionally, once the new administration’s leadership has been announced, Mersinger said that the crypto sector should begin interacting with them. It’s crucial to initiate talks early on, so “don’t be afraid to start knocking on doors on day one,” she advised. On the other hand, US SEC Chair Gary Gensler will resign in January 2025, as per official release.
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